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Tuesday, 26 July 2016

Commodity Tips | Oil prices Updates

Oil prices edge away from 3-month lows, but mood remains bearish 

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Oil prices edged away from three-month lows on Tuesday, supported by a weaker dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls. International Brent crude oil futures were trading at USD 44.80 per barrel at 0134 GMT, up 8 cents from their last close. US West Texas Intermediate (WTI) crude were at USD 43.16, up just 3 cents per barrel.

Brent hit its lowest level since May the previous day, while WTI hit its lowest level since April. Traders said the higher prices were partly a correction after the previous day's sharp falls, and also reflected a dip in the dollar against other leading currencies away from March highs.

As oil is traded in dollars, a cheaper greenback makes fuel imports cheaper for countries using other currencies, potentially spurring demand.

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